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Thursday, 15 May 2014

Exiting administration via Company Voluntary Arrangement (CVA)

Companies can go into administration followed by a CVA as a way of protecting the business. If legal actions are being threatened, there is usually little time to prepare a successful CVA. Entering administration ensures the business is safe-guarded and allows the administrators and business more time to get things in order.

Once the company goes into a CVA, the directors will be given back control of the company and a debt repayment plan can be put in place. A company voluntary arrangement is usually a better outcome for creditors in the long run, than say administration or liquidation.

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